The Stephan G. Stephansson Icelandic Society of Markerville was formed in 1974, mainly through the efforts and encouragement of its first president "Little" Joe Johannson. He worked toward the designation of the Stephansson homestead as an historic site. The new society was named after S.G. Stephansson, poet laureate of Iceland and farmer, who settled in the Markerville area and became one of the community's leaders. The operation of the Stephansson House Historic Site is under the direction of the provincial government.

In the early 1980s the Stephan G. Stephansson Icelandic Society was instrumental in the restoration of the Historic Markerville Creamery. Originally opened in 1899, the Creamery served the community for 73 years. The Markerville Creamery Museum was opened in 1986 and presents the Creamery circa 1932, with 15,000 visitors per year enjoying the history and hospitality of this scenic community on the Medicine River. The Kaffistofa coffee shop offers an Icelandic theme menu and the ice cream is always a treat. As in days past, the Creamery is once again the hub of this tiny hamlet.

In addition to operating the Markerville Creamery museum the Society has undertaken the restoration of Fensala Hall, the one hundred year old Markerville community hall. Designated a Provincial Historic Resource in 2003 the hall is being restored to its 1920 appearance, with a new addition incorporating an entry, kitchen, washrooms and storage and mechanical facilities making it a fully accessible and modern facility. This $300,000 project is largely volunteer driven and, once complete, will benefit both the community and the many busloads of tourists who visit Markerville.

The Stephan G. Stephansson Icelandic Society is a chapter of the Icelandic National League of North America and shares kinship with Edmonton and Calgary clubs. Our society chooses a Fjallkona (Maid of the Mountain), a symbol of tradition and values, from its own membership every three years. Although today few of the society's members are of Icelandic descent, all are committed to preserving the history and culture of the Markerville area. The Society is fortunate to have the support of its members, staff, community volunteers and many corporate partners to ensure the ongoing operation of its many projects.